Irish mortgage rates shoot over 4% as squeeze on borrowers tightens
Lenders in the Republic were initially slow to pass on the uptick in interest rates internationally to customers here but have begun to catch up. Bank of Ireland recently hiked its fixed rates for the fourth time in less than a year, while AIB raised its fixed rates in June and its variable rates are due to go up next week.
“The big hike in interest rates from the ECB over the past year is now being felt by mortgage customers in Ireland,” said Daragh Cassidy. head of communications at comparison site Bonkers.ie. “The average rate is now almost 1.5 percentage points higher than it was near the end of last year. But since these figures were compiled we’ve seen yet more rate hikes from all the main lenders, meaning the average rate for someone applying for a mortgage today is closer to 4.5 per cent or 4.75 per cent.
“Currently there’s still a 50/50 chance of at least one more quarter point rate hike from the ECB – in either September or later in the year. This would take the ECB’s main lending rate to 4.5 per cent, which means the average tracker customer could be paying a rate of around 5.6 per cent or 5.7 per cent before the end of the year,” Mr Cassidy said.
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